Drug smugglers and third-world dictators laundering ill-gotten wealth through secretive banking systems in tax havens is an anachronistic image from crime novels. Leveraging US' remarkable success in compelling tax havens to block terrorist financing, the G20/OECD have successfully persuaded tax havens to improve tax transparency and participate in an international regime of information exchange. All tax havens have committed to OECD standards for tax transparency and are executing Tax Information Exchange...
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Imagine a poverty line-Surjit S Bhalla
No matter where you draw the line, the fall in poverty is greater in high GDP growth years Some plain facts and some ugly truths. The plain fact is that poverty in India has declined at a rapid pace during the UPA years post 2004. An ugly truth. When the Planning Commission released the estimates of poverty in India, on the basis of the household survey conducted by the NSS in...
More »Govt panel proposes additional taxes on personalised vehicles
-PTI A government sub-committee looking into probable sources of funds for urban transport projects in the 12th Plan has suggested the creation of a national fund, resource for which can be generated through taxes on vehicles and petrol consumption. The recent report of the Sub-Committee on Financing Urban Infrastructure in the 12th Plan said investments to the tune of 87,000 crore were required in the Five Year Plan duration. The huge investment needs...
More »Why this will be a reform budget-Surjit S Bhalla
Most of us don’t even get a single shot at making history — Manmohan Singh has a second chance The fiscal deficit is an outcome, not a policy. It is the net resolution of the policies pertaining to taxes and expenditure. It is worth analysing separately the two components of the deficit. The table reports the results of relating the tax and expenditure share of GDP to per capita income for...
More »Dispur claims better economy
-The Telegraph Dispur today said the state’s economy was “performing well” when the country’s overall growth rate was projected to be affected by the economic meltdown in Europe. The principal secretary of the state finance department, Himangshu Sekhar Das, said Assam had not borrowed any money from the market in the current fiscal (2011-12) and its Tax collection had recorded an increase of 33 per cent, most of which had come from...
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